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TIAA-CREF Opens Office in London

First International Office to Enhance Commercial Real Estate Investment Opportunities in the United Kingdom and Europe
New York.-TIAA-CREF Asset Management, an asset management group of TIAA-CREF, today announced the opening of a new office in London, England, TIAA-CREF’s first international office. Located at 33 Cavendish Square, the office will be staffed by local investment professionals who will extend TIAA-CREF Global Real Estate’s activities in the United Kingdom and Europe with the goal of increasing access to new value-add and long-term investment opportunities.

“This office will strengthen and enhance our global real estate platform in the United Kingdom and Europe, which will help us to continue to grow and actively manage our real estate investment portfolio in these markets and beyond,” said Tom Garbutt, Managing Director and Head of TIAA-CREF Global Real Estate. “While we have been direct investors in European real estate markets for 13 years, we believe that having our own local, dedicated and experienced investment professionals on the ground will add to our understanding of these markets. In turn, this allows us to strengthen our relationships with other market participants and increase our access to what we determine to be attractive long-term investment opportunities on behalf of our clients.”

Garbutt continued, “TIAA-CREF’s real estate platform is based on a consistent, disciplined investment approach that combines proprietary tools refined over many years, market cycles and economic conditions with local market perspective to seek the best relative value for our clients. Our London office will follow this approach and facilitate the continued active management of our overseas investments.”

TIAA-CREF is one of America’s largest institutional real estate investors, with an approximate $70 billion global portfolio of direct and indirect investments (6/30/08). TIAA-CREF originated its first commercial mortgage in 1934, began direct investment in commercial real estate in 1947 and began investing in international real estate markets in 1995.

Today, TIAA-CREF Global Real Estate, on behalf of individuals, public and private institutions, is a direct investor in over $24 billion (6/30/08) of primarily high-quality properties in the office, retail, industrial (logistics) and multifamily sectors across the U.S., Canada and Western Europe, with over $4 billion (6/30/08) in international real estate assets.